Marcy Kaptur: “The latest trade report out of Washington spells more trouble for working families; most immediately for Ohio, Michigan…”

“The latest trade report out of Washington spells more trouble for working families; most immediately for Ohio, Michigan and Indiana, and our Nation's heartland, but, in fact, for our entire Nation. The U.S. Department of Commerce reported this week that America's trade deficit in the second quarter of this year hit its second highest level in history, rising 2.4 percent to $218.4 billion more imports into our Nation than exports out. That is just in one quarter. We are well on our way to another record trade deficit likely to exceed $800 billion. At this rate, the United States might well post its first trillion-dollar trade deficit this year. That level of trade deficit throttles real growth in our country and continues the unfortunate path of selling out America. We are not winning the global trade war, we are losing it badly. President Bush's trade policy is no more successful than his foreign policy. Since President Bush took office, we have lost 3 million more good jobs. America's trade deficit in motor vehicles alone has climbed by approximately 20 percent, and the recent announcement by Ford Motor Company of production cutbacks and plant closings will only exacerbate the situation. Still, the administration clings to the same failed policies. The President will not even meet with the executives of the Big Three. I never thought I would see a day that the President of the United States refused to meet with the leaders of America's automakers.…”